Southern Nevada is witnessing an upward trend in condo and townhouse prices, according to the latest insights from Las Vegas Realtors.
For May, the median price for condos and townhomes reached $307,000, reflecting a 1.4 percent increase from April and a notable 4.1 percent rise compared to May of the previous year.
Despite this positive price movement, the number of units sold has seen a decline. Only 559 condos and townhouses were sold in May, marking a 2.8 percent increase from April but a significant drop of 19 percent from the same month last year.
In contrast, the median price for single-family homes in the region has remained steady at $480,000, just below the year’s peak.
Real estate professionals are noticing a shift in buyer behavior due to affordability challenges. Robert Little, an associate at Re/Max Advantage in Henderson, emphasized that potential buyers are increasingly considering condos as alternatives to single-family homes due to the latter’s higher price point.
“Condos, with a current median price of $307,000, are more accessible than single-family homes, which average $480,000,” he stated. This makes condos particularly appealing to first-time buyers, individuals purchasing second homes, and those with fixed incomes or tighter budgets.
However, Little cautioned that the uptick in condo sales does not reflect a robust market rebound, as overall sales figures are still struggling.
He noted rising inventory levels for both single-family homes and condos, indicating that higher mortgage rates have suppressed buyer demand and affected affordability across nearly all price brackets.
“If you’re a buyer, now’s your chance. With more homes available and prices softening, it’s an excellent time to negotiate,” Little advised. He also stressed the importance of pricing competitively for sellers as inventory increases in the market.
George Kypreos, president of Las Vegas Realtors, echoed similar sentiments, warning against taking monthly data at face value due to their potential for abrupt fluctuations.
While May saw a modest increase in condo sales and prices, Kypreos advised caution in interpreting these figures.
He remarked, “I do think it suggests that more buyers recognize that condos and townhomes offer a more affordable entry into the housing market, particularly given home prices hovering near record highs and persistent elevated mortgage interest rates.”
The overall housing market remains challenged, as evidenced by the heightened inventory levels. Last month, 6,646 homes were on the market without offers, a 71.8 percent increase from one year prior.
Specifically, in May, 2,510 condos and townhomes were listed without offers, representing an 89.6 percent year-over-year increase.
Sales across all categories—homes, condos, and townhomes—saw a decline of 13.1 percent year-over-year, with only 2,646 homes sold.
At the national level, Redfin reported a slight increase in investor purchases, with 46,726 homes bought in the first quarter, up 2 percent from last year. However, the investment landscape for condos appears less favorable, with only 8,509 condos purchased in the same timeframe—a 3 percent decrease and the lowest level in a decade, apart from a dip during the COVID-19 pandemic’s onset.
The slowing condo market has raised concerns among buyers regarding potential value depreciation. Redfin’s analysis revealed that nearly 68 percent of condos sold below listing price in early 2025, indicating a market under pressure.
As the Southern Nevada real estate market continues to evolve, both buyers and sellers will need to navigate these changing conditions carefully.
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